Harvest Fund Management Co. Ltd Reduces Holdings in Smartsheet Inc (NYSE:SMAR)

Harvest Fund Management Co. Ltd lowered its position in Smartsheet Inc (NYSE:SMAR) by 58.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,427 shares of the company’s stock after selling 3,398 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Smartsheet were worth $134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE lifted its stake in shares of Smartsheet by 12.9% in the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares in the last quarter. Landscape Capital Management L.L.C. increased its holdings in Smartsheet by 0.3% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock worth $4,596,000 after purchasing an additional 225 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Smartsheet by 25.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock valued at $62,000 after purchasing an additional 228 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Smartsheet by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock valued at $639,000 after buying an additional 266 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Smartsheet by 2.1% during the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after buying an additional 277 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the transaction, the insider now owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 over the last 90 days. 4.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SMAR shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair restated a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Trading Up 0.1 %

Smartsheet stock opened at $56.00 on Thursday. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of -180.65 and a beta of 0.74. The company’s 50-day moving average price is $55.60 and its two-hundred day moving average price is $48.86.

Smartsheet (NYSE:SMAR) last announced its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.23) earnings per share. Research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its Board of Directors has initiated a share repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Smartsheet Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.